Simon Starts Mixed-Use Project on Florida's West Coast

INDIANAPOLIS — Simon Property Group has started construction of Coconut Point, a 166-acre, mixed-use project in Estero/Bonita Springs, Florida. The site is on the west coast of Florida, halfway between Ft. Myers and Naples.

Coconut Point is a 500-acre community jointly planned and permitted by Oakbrook Properties and Simon. The Town Center will be the highlight of Coconut Point's retail offerings with 1.2 million sq. ft. of open-air retail space. The Town Center also will include 90,000 sq., ft. of office condominiums, 200 to 400 residential units, and one or two hotels.

"Coconut Point will truly be one of our signature properties," said Thomas J. Schneider, executive vice president of development at SPG. "The combination of high-end retail and residential in an attractive setting will make Coconut Point a memorable shopping experience, whether our guest is a full-time resident, seasonal resident or tourist."

There are three distinct areas of the Town Center —the Community Center, the Lakefront, and the Village. Dillard's, Barnes & Noble, a Muvico 20-screen megaplex theater, and four restaurants will anchor The Village.

"Dillard's is tremendously proud to join the new Coconut Point project," said William Dillard, II, CEO of Dillard's Inc. "We believe Simon's innovative concept for Coconut Point brings together a truly compelling mix of great retailers and favorite restaurant and entertainment choices in a unique new village setting. We are certain Coconut Point will be the premier place for area Floridians to shop, live and work. Our new Dillard's store will reflect the excitement of Coconut Point."

Muvico's megaplex will consist of 93,000 sq. ft.

"We're very excited about developing this 20-screen megaplex theater at Coconut Point," said Hamid Hashemi, president of Muvico Theaters. "With our high level of guest service and innovative amenities that we build into every theater and Simon's vision for the project, I have no doubt that Muvico at Coconut Point will quickly become a regional entertainment attraction."

There will be approximately 100 stores in The Village. Commitments have already been received from Bath & Body Works, Brookstone, Express and Express Men, Finish Line, Jos. A. Banks, Talbots and Victoria's Secret.

Tenants who have expressed strong interest in The Village include Abercrombie & Fitch, Aeropostale, Ann Taylor Loft, Apple, Baby Gap, Casual Corner, Elizabeth, Gap Maternity, Gymboree, Hollister, J. Jill, Johnny Rockets, Petite Sophisticate, Select Comfort, Sigrid Olsen, Sur La Table, and Williams-Sonoma.

The Mediterranean-themed Village will incorporate two parks and many casual gathering spots. It will be oriented around a Main Street, designed Los Angeles-based Jerde Partnership.

Above the retail on the west side of Main Street will be approximately 35,000 sq. ft. of office space, some of which will be sold as condominiums/office and other space that will be leased. All will have balconies overlooking Main Street.

Above the retail on the east side of Main Street will be 200 to 325 luxury condominium units. This residential component of Coconut Point will include a clubhouse and pool, which will be visible from various points along Main Street.

Groundbreaking for The Village is scheduled for summer 2005 with a planned opening in September 2006.